Odaily News In its latest report, Coinbase said it is optimistic about the trend of the crypto market in the second half of 2025, but at the same time warned that some listed companies purchase of Bitcoin through convertible debt and leverage may bring systemic risks. The report pointed out that there are currently 228 listed companies holding a total of about 820,000 BTC, of which about 20 adopt a financing model similar to MicroStrategy. If the market fluctuates sharply in the future or related debts mature in 2029-2030, passive selling pressure may be triggered. Coinbase said that short-term risks are controllable, and the key lies in the future refinancing ability of these companies. (TheBlock)